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Quiz

Users of Financial Information: Accounting Basics

Elspeth McIntosh 10 questions Updated 1 Feb 2021

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Questions in this quiz (10)

  1. 1Who are the interested users of financial information?
    1. Abanks, customers, owners, employees, managers, competitors, customers, suppliers, government agencies, other financial organisations and the general public.
    2. Bmarket researchers, students, banks, accountants, suppliers, owners and your internal finance team only. The information is NOT available to the general public.
    3. Caccountants, law firms, the ATO and ASIC only
  2. 2Specialist fields of accounting for 'user' needs include:
    1. Apublic sector accounting, public accounting, financial accounting, management accounting and auditing
    2. Bauditing, BAS Statements, financial accounting, corporate accounting, public accounting
    3. Cnot-for-profit accounting and auditing, public accounting, financial accounting, management accounting and general auditing
  3. 3A report to the users is more detailed than the management report
    1. ATrue
    2. BFalse
  4. 4Financial accounting for user needs looks at information provided to external users and is less detailed than a report from management.
    1. ATrue
    2. BFalse
  5. 5Auditing accounting adds credibility to external financial statements
    1. ATrue
    2. BFalse
  6. 6Public accounting includes which services?
    1. Aaccounting and auditing to prepare for reporting to government bodies
    2. BPreparation of accounts, budgeting, tax returns, management accounting, financial advice, compliance work
    3. Cthe accounting into public corporations to prepare reports for the general public and the ASX
  7. 7What is public sector accounting?
    1. Aaccounting for government bodies and the not-for-profit sector organisations that deal with issues relating to people
    2. Baccounting available to the general public who are on a form of benefits [disability pension, aged pension, Newstart]
    3. Caccounting for the Commonwealth, state government, local government and other entities that receive state or federal funding
  8. 8True or false? Public companies can raise funds from the general public by issuing shares.
    1. ATrue
    2. BFalse
  9. 9A company is a separate legal entity which can, in its own right:
    1. Amove stocks and shares, buy property and enter contracts
    2. Bbuy property, enter debt contracts and list on the ASX
    3. Cbuy property, enter debt contracts, open an account at a bank in the name of the company
  10. 10FILL THE GAPS: When a team of 2-20 partners enter a business partnership, they enter into _______ _______. This means that if one partner damages the business, it could affect the whole team, particularly if debts are raised that _________ be raised from the current funds. If they can't, all __________ share the debt. This is due to the ________ ___________.
    1. Amutual agency, cannot, partners, unlimited liability
    2. Bmutual grievance, can, owners, limited liability
    3. Cfree agency, cannot, employers, unlimited liability

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Description
Quiz on Untitled, created by Elspeth McIntosh on 01/02/2021.
Language
English
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History
Created on 1 Feb 2021 · updated on 1 Feb 2021
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administrative assistant
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